DECATUR, Ill.–Credit unions in two more states have announced merger plans or completed mergers.
In Illinois, the $3.7-million Route 1 CU said its members have approved a merger into the $260-million Decatur Earthmover Credit Union.
“We weren’t actively looking for a merger,” DECU President Barry Schmidt told local media. “But this opportunity came at the right time, and under the right circumstances. Route 1 was a small credit union in need of help and we decided to step in.”
Route 1 cited an ability offer better products and services to its members, including online banking.
The combined credit union will serve approximately 25,000 members.
Separately, in Alabama, two credit unions here have announced plans to merge. Members of the $13-million EBSCO FCU have voted in favor of merging into the $752-million Avadian Credit Union. The combination is expected to be completed in the first quarter of 2018.
“We are delighted to be able to expand our services to both the current members and the employees of EBSCO Industries,” said Linda Cencula, president and CEO of Avadian Credit Union. “We admire EBSCO FCU’s commitment to doing what’s best for their members. It’s the same model we live by every day.”
Avadian Credit Union said it will assume operation of EBSCO FCU's sole branch, located inside the headquarters of EBSCO Industries.
The combined credit union will serve approximately 79,000 members.